CALGARY, July 13, 2012 /PRNewswire/ - (TSX: PMT) - Perpetual Energy Inc. ("Perpetual" or the "Corporation") is pleased to
confirm the repayment of Perpetual's $75 million 6.5% convertible
debentures (TSX: PMT.DB.C) in cash upon their maturity on June 30,
2012. Debentureholders should have now received the proceeds of the
repayment.

The Corporation is also pleased to provide an update on its commodity
price risk management positions as discussed below.

COMMODITY PRICE RISK MANAGEMENT

With recent modest strength in natural gas prices with the erosion of
the storage surplus caused by extreme hot weather throughout much of
North America, Perpetual terminated its 2013 forward sales positions
realizing proceeds of $1.0 million. Financial and physical forward
natural gas sales arrangements at the AECO trading hub as at July 13,
2012 are now as follows:

Type ofContract

Term

VolumesatAECO(GJ/d)(1)

Price($/GJ)(1)

FuturesMarket($/GJ)(2)

% of2012E GasProduction(3)

Financial - AECO

Jul - Dec 2012

45,250

3.72

2.38

33

Financial - AECO

Jul - Oct 2012

10,000

2.85

2.20

7

Financial - AECO

Jul - Dec 2012

19,000

2.60

2.38

14

Physical - AECO

Jul - Dec 2012

25,000

2.59

2.38

18

(1)

Average price calculated using weighted average price for net open sell
contracts. NYMEX prices in $US/MMBtu.

Calculated using 2012 estimated gas production of 136,500 GJ/d including
gas over bitumen deemed production.

Perpetual also has in place the following costless collar oil sales
arrangements, to reduce exposure to fluctuations in the WTI index:

Type of Contract

Term

Volumesat WTI(bbl/d)

Floor Price($US/bbl)(1)

CeilingPrice($US/bbl)(1)

FuturesMarket($US/bbl)(2)

% of 2012EProduction(3)

Collar

Jan - Dec 2012

500

82.00

91.00

86.80

14

Collar

Jan - Dec 2012

500

80.00

89.00

86.80

14

Collar

Jan - Dec 2012

500

85.00

96.75

86.80

14

Collar

Mar - Dec 2012

500

90.00

109.25

86.80

14

Period Total

Jan - Dec2012

2,000

84.25

96.56

86.80

57

Collar

Jan-Dec 2013

500

95.00

118.15(4)

89.51

14

Collar

Jan-Dec 2013

500

95.00

108.75

89.51

14

Collar

Jan-Dec 2013

500

80.00

89.65

89.51

14

Collar

Jan-Dec 2013

500

82.00

90.25

89.51

14

Period Total

Jan - Dec 2013

2,000

88.00

101.70

89.51

57

(1)

Average price calculated using weighted average price for net open
contracts.

(2)

Futures market reflects WTI forward prices at July 13, 2012.

(3)

Calculated using 2012 estimated oil and NGL production of 3,500 bbl/d

(4)

If WTI settles above $118.15 in any month Perpetual will receive $100.00
per bbl.

The Company has also fixed the WTI to oil price differential (WCS
differential) on 900 bbl/d at an average price of $US23.68/bbl for the
2012 calendar year.

In addition, the Corporation has sold oil call options exercisable and
expiring as follows:

Type ofContract

Term

Expiry

Volumesat WTI(bbl/d)

Strike Price($US WTI)

Futures Market($US/bbl)(1)

Call

Jan - Dec 2013

Dec 31, 2012

1,000

95.00

89.51

Call

Jan - Dec 2013

Monthly 2013

1,000

105.00

89.51

Call

Jan - Dec 2014

Monthly 2014

2,000

105.00

87.84

(1)

Futures market reflects WTI forward prices at February July 13, 2012.

The current mark to market value of these hedging transactions is
approximately $12 million.

Forward-Looking Information

Certain information regarding Perpetual in this news release including
management's assessment of future plans and operations may constitute
forward-looking statements under applicable securities laws. The
forward-looking information includes, without limitation, future
production levels. Various assumptions were used in drawing the
conclusions or making the forecasts and projections contained in the
forward-looking information contained in this press release, which
assumptions are based on management analysis of historical trends,
experience, current conditions, and expected future developments
pertaining to Perpetual and the industry in which it operates as well
as certain assumptions regarding the matters outlined above.
Forward-looking information is based on current expectations, estimates
and projections that involve a number of risks, which could cause
actual results to vary and in some instances to differ materially from
those anticipated by Perpetual and described in the forward looking
information contained in this press release. Undue reliance should not
be placed on forward-looking information, which is not a guarantee of
performance and is subject to a number of risks or uncertainties,
including without limitation those described under "Risk Factors" in
Perpetual's MD&A and Annual Information Form for the year ended
December 31, 2011 and those included in other reports on file with
Canadian securities regulatory authorities which may be accessed
through the SEDAR website (www.sedar.com and at Perpetual's website www.perpetualenergyinc.com). Readers are cautioned that the foregoing list of risk factors is not
exhaustive. Forward-looking information is based on the estimates and
opinions of Perpetual's management at the time the information is
released and Perpetual disclaims any intent or obligation to update
publicly any such forward-looking information, whether as a result of
new information, future events or otherwise, other than as expressly
required by applicable securities laws.

Perpetual Energy Inc. is a natural gas-focused Canadian energy company.
Perpetual's shares and convertible debentures are listed on the Toronto
Stock Exchange under the symbol "PMT", "PMT.DB.D" and "PMT.DB.E",
respectively. Further information with respect to Perpetual can be
found at its website at www.perpetualenergyinc.com .